日元升值预期下日本国际投资策略与特点  

Strategies and Features of Japan's International Investment under the Expectations of Yen Appreciation

作　　者：王应贵[1] 

机构地区：[1]南京财经大学金融学院,江苏南京210046

出　　处：《现代日本经济》2011年第6期15-24,共10页Contemporary Economy OF Japan

基　　金：江苏高校优势学科建设工程资助项目资助

摘　　要：1971年至1995年期间,日元处于急剧升值阶段,在此之后的十多年里日元升跌互见,整体波动缓和,2008年初以来日元持续升值。在日元升值预期的作用下,自20世纪90年代以来,日本加大了海外直接投资的力度,近2/3的资金流向了经济比较发达的国家和地区。与海外直接投资相比,日本的证券投资规模较大,占海外资产总额的近五成,其投资组合策略注重汇率风险管理,始终保持了一贯的连续性,重视资产的安全性和回报率。日本也加快了以其他方式向海外输出资本的步伐,按照国际收支状况的统计口径,这些投资包括对外贷款、贸易信贷、货币及存款和其他资产,其规模仅次于海外证券投资。研究表明,日本的海外投资区域分布和币种选择体现了分散投资、降低风险的特点,也在较大程度上降低了汇率风险。The Japanese Yen appreciated sharply against the US the following decade, the volatility of Yen rates had been modest a new round of Yen appreciation. Under the expectations of Yen seas FDI since the 1990＇s, 2/3 of which has flown to developed dollar during the period of until early 2008, when the 1971 market appreciation, Japan has promo countries and regions. On the 1995. In witnessed ted the overother hand, portfolio investment accounts for nearly half rate risk management has been emphasized of Japan＇s total international investment to guarantee both liquidity and returns position. Foreign exchange Moreover, Japan has also accelerated the paces of other patterns of capital exports. According to the balance of payment statistics, these include foreign loans, trade credit, currency and deposits, and other investments, with a large size which is only secondary to portfolio investment. Our findings show that the geographic distribution and the currency breakdown have been the results of investment diversification and have helped to control the foreign exchange risks.

关 键 词：日元升值 对外直接投资 证券投资 贸易信贷 外汇储备 

分 类 号：F833.313.48[经济管理—金融学]